Home sales in October on first glance looked very weak. Overall sales were down 30% from a year ago, bringing the 10-month total down 5% vs year ago. Almost all of the drop in home sales is in the middle-to-lower priced home categories, those at $299,000 or less. In the overall Dallas market, 84% of all home sales are at prices of $299,000 or less. And, 68% are at prices of $199,000 or less. Dallas is truly a very affordable home market. However, these middle to lower brackets are where the damage is being done. The absence of the tax credits which were available this time last year, coupled with the weak job market and difficulty in obtaining financing, is slamming the entry level housing sector. Buyers for this 84% of the Dallas housing market are often-times first time home buyers, young and with little in savings. Many are unemployed or underemployed. A few years ago, they were buying homes with little or no downpayment. We all know those days are behind us. With this large chunk of the population still wanting to buy but relegated to rental apartments, the sales comparisons versus year ago are indeed weak.
What about the other 16% of the housing market? Sales are up nicely, from the $300’s on up, and up double digits in several price categories. (The only higher-end bracket I follow in this report that had lower sales was the $900’s for single family homes, which has been consistently soft this year, for no rhyme nor reason. If you are trying to sell a house in the $900’s, try the $800’s or $1.0M’s). It makes sense that most buyers in the upper-end categories have savings, can put the required 20% down, or have other sources of funds to make a home purchase. These buyers may have longer and better credit and employment histories as well. This bifurcated market will return to “normal”, where all price points are showing sales gains, as the economy improves and entry-level and middle-management jobs are created.
On prices, median sales prices are up year-to-date in all submarkets I track, with the exception of North Dallas and Northwest Dallas. Even in the Dallas market as a whole, median sales prices are up 1% for the year. Median sales prices are up 8% for the year in the Uptown/Oak Lawn market, which also saw a bit of sales surge in October, probably related to the higher number of “expensive” condos sold this year compared to last. It’s always reassuring to see homes selling at higher prices in hard times, which serves as a reminder that the local and state economies continue to exhibit resiliency and continue to attract job seekers from lesser-performing areas of the country.
Here are the details for single family homes and condo/townhome sales in selected areas. For a more comprehensive look at any one market, give me a call at my Allie Beth Allman office or on my cell, 214-563-8540. Scroll down for the “Sales by Price Category” info. DOM is short for Days on Market. Median Price pertains to sales occurring in the period(s).
Overall Market (North Texas):
Oct 10 vs 09: Sales down 30%, med price up 3%, DOM 85, up 13%.
YTD 10 vs 09: Sales down 5%, med price up 1%, DOM 77, down 3%.
Uptown, Downtown and Turtle Creek (Condos and Townhomes):
Oct 10 vs 09: Sales up 20%, med price up 23%, DOM 114, up 16%.
YTD 10 vs 09: Sales up 5%, med price up 8%, DOM 111, up 6%.
Highland Park and University Park, Bluffview, Devonshire and Greenway Parks:
Oct 10 vs 09: Sales down 6%, med price up 4%, DOM 155, up 25%.
YTD 10 vs 09: Sales up 35%, med price up 3%, DOM 122, up 11%
East Dallas (incl M’s and Lakewood):
Oct 10 vs 09: Sales down 42%, med price up 18%, DOM 92, up 33%.
YTD 10 vs 09: Sales down 12%, med price up 4%, DOM 73, down 3%.
North Dallas (South of LBJ):
Oct 10 vs 09: Sales up 5%, med price down 33%, DOM 124, down 2%.
YTD 10 vs 09: Sales up 24%, med price down 9%, DOM 126, up 13%.
Far North Dallas (incl Addison and to Park Blvd in Plano):
Oct 10 vs 09: Sales down 21%, med price up 6%, DOM 102, up 62%.
YTD 10 vs 09: Sales down 9%, med price up 2%, DOM 80, up 14%.
Northwest Dallas:
Oct 10 vs 09: Sales down 11%, med price down 19%, DOM 83, up 4%.
YTD 10 vs 09: Sales down 1%, med price down 5%, DOM 70, down 16%.
Northeast Dallas (incl Lake Highlands):
Oct 10 vs 09: Sales down 29%, med price up 3%, DOM 84, up 24%.
YTD 10 vs 09: Sales down 12%, med price up 6%, DOM 61, down 10%.
Plano:
Oct 10 vs 09: Sales down 34%, med price up 7%, DOM 77, up 24%.
YTD 10 vs 09: Sales down 10%, med price up 3%, DOM 62, down 2%.
Frisco:
Oct 10 vs 09: Sales down 29%, med price up 8%, DOM 77, up 7%.
YTD 10 vs 09: Sales down 10%, med price up 4%, DOM 68, down 13%.
Richardson:
Oct 10 vs 09: Sales down 33%, med price down 3%, DOM 64, up 73%.
YTD 10 vs 09: Sales down 15%, med price up 1%, DOM 53, down 4%.
Southlake:
Oct 10 vs 09: Sales unchanged, med price up 9%, DOM 127, up 32%.
YTD 10 vs 09: Sales up 7%, med price up 4%, DOM 95, down 6%.
Coppell:
Oct 10 vs 09: Sales down 3%, med price up 30%, DOM 71, down 1%.
YTD 10 vs 09: Sales unchanged, med price up 7%, DOM 55, up 10%.
Allen:
Oct 10 vs 09: Sales down 44%, med price up 7%, DOM 55, down 28%.
YTD 10 vs 09: Sales down 4%, med price up 2%, DOM 65, down 13%.
Rockwall (incl Heath):
Oct 10 vs 09: Sales down 35%, med price down 6%, DOM 98, up 18%.
YTD 10 vs 09: Sales down 7%, med price up 4%, DOM 85, down 7%.
Here is a look at Single Family home sales by price category for YTD 2010 vs 2009:
$200-299K (16.8% of sales): down 4%, 7 months inventory
$300-399K (7.1% of sales): up 5%, 9 months inventory
$400-499K (2.9% of sales): up 2%, 11 months inventory
$500-599K (1.4% of sales): up 2%, 13 months inventory
$600-699K (0.9% of sales): up 16%, 14 months inventory
$700-799K (0.6% of sales): up 16%, 16 months inventory
$800-899K (0.4% of sales): up 29%, 15 months inventory
$900-999K (0.2% of sales): down 6%, 25 months inventory
$1MM and up (0.9% of sales): up 20%, 22 months inventory
Here is a look at Condos and Townhomes sales by price category for YTD 2010 vs 2009.
$200-299K (14.8% of sales): 469 units vs 484 units year ago, 13 months inventory
$300-399K (5.5% of sales): 173 units vs 192 units year ago, 17 months
$400-499K (2.0% of sales): 63 units vs 66 units year ago, 22 months
$500-599K (1.1% of sales): 36 units vs 23 units year ago, 26 months
$600-699K (0.7% of sales): 23 units vs 15 units year ago, 20 months
$700-799K (0.4% of sales): 12 units vs11 units year ago, 25 months
$800-899K (0.3% of sales): 10 units vs 12 units year ago, 20 months
$900-999K (0.2% of sales): 7 units vs 3 units year ago, 20 months
$1MM + (0.9% of sales): 30 units vs 18 units year ago, 28 months
Bob and Knoxie Edmonson
Bob Edmonson
Allie Beth Allman & Assoc.
(214)563-8540
Dallas TX Homefinder Website Dallas TX Home Values Blog — Dallas TX Homes for Sale, Condos and Real Estate Highland Park Real Estate, University Park Real Estate, Uptown Dallas Real Estate, M-Streets Real Estate